Land Acquisition

Identify potential sites

Conduct a site analysis

Estimate land costs

Consider zoning and land use regulations

Design and Planning

Engage an architect or designer

Develop initial design concepts

Estimate design fees

Review local building codes and regulations

Construction Costs

Obtain rough estimates for construction materials

Estimate labor costs

Include contingency funds for unforeseen expenses

Consider site preparation and foundation costs

Permits and Fees

Identify necessary building permits

Estimate permit costs

Include impact fees and utility connection fees

Utilities and Infrastructure

Assess costs for water, electricity, and sewage connections

Include costs for infrastructure improvements if necessary

Financing

Explore financing options (loans, grants, etc.)

Estimate interest rates and loan terms

Consider down payments and closing costs

## 🟢 2. Detailed Budget (Pre-Construction)

Finalize Design

Confirm final design and materials

Adjust design fees based on revisions

Contractor Selection

Obtain bids from contractors

Evaluate contractor qualifications and references

Negotiate contracts and scope of work

Detailed Construction Costs

Break down material costs by category (e.g., plumbing, electrical, finishes)

Calculate labor costs based on contractor bids

Include costs for specialized subcontractors

Site Development Costs

Estimate costs for grading, landscaping, and exterior work

Include driveways, walkways, and fencing

Contingency and Miscellaneous Costs

Allocate additional funds for unexpected costs

Include insurance and warranty costs

Final Review

Review the entire budget for accuracy

Adjust as necessary based on final quotes and estimates

Prepare a presentation for stakeholders

## 🟢 3. Post-Construction Budget Review

Actual vs. Budget Comparison

Compare final costs to the initial budget

Document any discrepancies and reasons for them

Final Payments

Ensure all contractor and supplier payments are completed

Settle any outstanding permits or fees

Lessons Learned

Conduct a post-mortem analysis of the budgeting process

Identify areas for improvement in future projects

Documentation

Compile all financial documents and receipts

Store budget reports for future reference and audits

This checklist serves as a comprehensive guide for preparing a residential building budget, ensuring all critical aspects are considered throughout the process.